Rodeo, a social NFT platform, announced its shutdown, becoming the second NFT platform to close in a week

Comparing news, the social NFT platform Rodeo announced that it will stop operating, making it the second NFT platform to announce its shutdown this week. Rodeo CEO and co-founder Kayvon Tehranian said that despite positive feedback from the core community, the platform failed to achieve the scale required for sustainability, making it impossible to continue operating.

Launched on iOS in March 2025, Rodeo focuses on a social NFT collection experience, emphasizing that creators are rewarded for posting content rather than simply trading. The platform will maintain normal functionality from January 27 to February 10, then enter read-only mode, and completely shut down on March 10. The government will assist users to migrate assets and data to Arweave and provide contract asset migration guidelines.

Additionally, Tehranian also announced that ownership of its NFT art platform Foundation will be transferred to Blackdove. At the market level, the NFT industry has continued to be sluggish since its 2022 high, and monthly Ethereum NFT transactions have dropped from nearly $5 billion in early 2022 to around $159 million in January 2026. Meanwhile, Nifty Gateway also updated its shutdown plan to extend the user asset migration period until April 23.